In many ways, health care exemplifies EMPEA’s belief that emerging markets (EM) private equity provides investors the opportunity for outsized returns, as well as positive social impact. Demand for health care products and services has grown faster than overall EM economic activity, and the needs of consumers have outstripped the capacity of public sector options.

Key findings in this Special Report include:

- Overall private investment in health care reached US$2.7 billion in 2015 across 131 deals—the largest year-end investment totals (both in terms of capital deployed and number of deals) reported for the sector since EMPEA began tracking investment figures in 2008. This year is on track to set a new high, with US$1.7 billion invested across 79 deals in the first half of 2016 alone.
- Health care-specific specialist funds are gaining traction in emerging markets, having raised more than US$1 billion in 2015. This is largely a regional phenomenon, however, as the vast majority of health care-specific fundraising is taking place in Emerging Asia.

LP Education dovetails with EMPEA’s mission to foster a vibrant and informed industry to realize investment returns and sustainable growth in emerging markets.

In keeping with this mission, the inaugural EMPEA LP Education Webcast Series addressed the common call among LPs in our network for more and better education to inform LP investment strategies and processes, and attracted more than 750 LP registrants over the course of the Series’ six modules. Our upcoming module is Module 8: Reality vs Perception: Understanding and Managing Risk in Emerging Markets Private Equity.

Topics to be discussed during Module 8 include:
- What is the current emerging markets private equity landscape and how is this being impacted by social, economic or political shifts?
- How would you characterize the risks associated with investing in emerging markets and how can these particular risks be effectively managed?
- What are the most effective ways to communicate the EM PE opportunity to investors who have had no exposure to the asset class, or to those whose EM PE portfolios have underperformed?
- How can investors ensure they have the best information when evaluating a market, strategy or fund manager?

Pan-African private equity firm AfricInvest has sold its 20.06 percent stake in Tunisia-based seed, fresh vegetable and young plant producer Cotugrain Hortimag to a consortium composed of BIAT Capital Risque, the private equity arm of Tunisia-based bank BIAT, and Adel Ghariani, the company’s owner. AfricInvest originally invested in Cotugrain in 2007 through its Maghreb Private Equity Fund II. Financial details of the transaction were not disclosed.

Venture capital firms IDG Ventures India and Accel Partners have made a US$3 million Series A investment in India-based Smartpaddle Technology, the owner of business-to-business packaging materials marketplace Bizongo. The company plans to use the funds to expand its seller base, build automation, improve its supply chain and strengthen its technology and operations teams. Accel is an existing shareholder in the company, having participated in its seed round in 2015.

COFCO Meat, a subsidiary of China-based agricultural conglomerate COFCO Group backed by KKR and Baring Private Equity Asia, has raised HKD1.95 billion (approximately US$251 million) in its IPO on the Hong Kong Stock Exchange. The company sold 975.6 million shares for HKD2 (approximately US$0.26) a share. KKR and Baring Private Equity Asia did not dispose of any shares but had their stakes diluted to 15 percent and 6.75 percent, respectively.

CITIC Capital Partners, the China-focused private equity arm of CITIC Capital, has completed the sale of its controlling stake in China-based mattress manufacturer and retailer King Koil Shanghai Sleep System to global private equity firm Advent International. CITIC Capital Partners originally acquired the company in June 2014 through CITIC Capital China Partners II. Financial details of the transaction were not disclosed.

Global private equity firm Warburg Pincus has invested US$75 million for a minority stake in India-based transportation logistics company Rivigo. The company will use the funds to expand operations and improve technology. Separately, Warburg Pincus announced a joint venture with China-based internet data center services provider 21Vianet to acquire and develop data centers in China. The joint venture will initially include four existing data center assets to be owned 51 percent by 21Vianet and 49 percent by Warburg. Future developments will be owned 51 percent by Warburg and 49 percent by 21Vianet. Warburg will invest from its Warburg Pincus Private Equity XII. The transactions contemplated by the joint venture agreement are expected to close in multiple tranches in the first half of 2017 subject to the satisfaction of certain conditions.

Development finance-focused asset manager responsAbility Investments has led a US$1.5 million debt financing round for Ghana-based pay-as-you-go solar energy provider PEG Africa. Social investor Oikocredit and solar energy-focused crowdfunding platform SunFunder also participated in the round. The investment will be used to fund the purchase of solar home systems intended to reach 75,000 people in Ghana.

Brazil-based medical diagnostic company Centro de Imagem Diagnosticos (Alliar) has raised a total of BRL766 million (approximately US$243 million) in its IPO on Novo Mercado, a segment of BM&F BOVESPA. Alliar is backed by Brazil-focused private equity firm Patria Investimentos and Kinea, the alternative asset management arm of Brazil-based bank Itau Unibanco. Kinea disposed of shares in the offering, while Patria did not dispose of any shares.

Samena Capital, a principal investment group focused on the Indian subcontinent, the Middle East and North Africa, has led a Series B investment round for Lebanon-based music streaming platform Anghami. United Arab Emirates-based telecommunications service provider du also participated in the round and signed a commercial agreement to bundle the two companies’ products. Anghami will use the funds for song catalog development, user acquisition and geographic expansion in the MENA region. Financial details of the transaction were not disclosed.

Pan-European private equity firm IK Investment Partners has agreed to sell Poland-based railway components manufacturer Axtone Group to U.S.-based industrial engineering and manufacturing company ITT. IK originally invested in Axtone through its IK 2004 Fund. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2017. Financial details of the transaction were not disclosed.

Indonesia-focused early-stage venture capital firm Convergence Ventures has reached a final close for its Convergence Capital Fund I with US$30 million in capital commitments. The firm, formerly known as Convergence Accel, plans to make around 30 investments from the fund, which will target companies focused on disruptive digital and mobile internet opportunities.

EMPEA Members receive a 15% discount off of the standard rate to attend the forum. To book online, please click here. Alternatively, contact Anil Nathani at +852 2158 9636 or email book@avcj.com and quote discount code EMPEA_HK16.

TriLinc Global is seeking a candidate for the position of Impact and ESG Officer. Responsibilities include participation in due diligence of sub-advisor candidates, bottom-up investment and position performance, deployment of capital that supports TriLinc’s impact and ESG mandates, ongoing review of the organization’s loan portfolio to identify potential and actual impact and ESG issues

For more information, including responsibilities and qualifications, please click here.

CrossBoundary is recruiting a Senior Associate to join the new CrossBoundary office in Bamako, Mali. As a member of the Mali investment team, you will actively contribute to a powerful intervention that has the potential for significant positive impact on Mali’s private sector, in addition to building CrossBoundary’s long-term presence in West Africa.

For more information, including responsibilities and qualifications, please click here.

CrossBoundary is recruiting a fulltime Principal to lead a new Advisory team in Johannesburg. As the team leader, you will actively contribute to a powerful intervention that has the potential for significant positive impact on investment into Southern Africa, in addition to building CrossBoundary’s long-term presence in the region.

For more information, including responsibilities and qualifications, please click here.

CrossBoundary is recruiting a full-time Director of Finance & Operations (DFO) to manage global tax and accounting, contract and grant compliance, fund management, human resources, and firm-wide operations. The DFO will play an integral role shaping and managing the operational and administrative infrastructure of our rapidly growing firm. The position combines the skillsets of an internal CFO and a Director of Human Resources.

For more information, including responsibilities and qualifications, please click here.

CrossBoundary is recruiting full-time Associates to join the new CrossBoundary office in Johannesburg. As a member of the Southern Africa transaction team, you will actively contribute to a powerful intervention that has the potential for significant positive impact on investment into Southern Africa, in addition to building CrossBoundary’s long-term presence in the region.

For more information, including responsibilities and qualifications, please click here.

About EMPEA

EMPEA is the global industry association for private capital in emerging markets. We are an independent non-profit organization with over 300 member firms, comprising institutional investors, fund managers and industry advisors, who together manage more than US$1 trillion of assets and have offices in more than 100 countries across the globe. Our members share EMPEA’s belief that private capital is a highly suited investment strategy in emerging markets, delivering attractive long-term investment returns and promoting the sustainable growth of companies and economies. We support our members through global authoritative intelligence, conferences, networking, education and advocacy. For more information, visit empea.org.